Virtual Oncology Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Component (Software, Service, Hardware), By Cancer Type (Lung Cancer, Breast Cancer, Colorectal Cancer, Prostate Cancer, Liver Cancer, Bladder Cancer, Pancreatic, Ovarian, and Others), By Application (Precision Medicine, Patient Care Management, Research & Development, Clinical Trials, Diagnosis & Treatment Decision Making, Data Management, Billing Management, Regulatory Compliance, and Others), By End User (Hospitals & Diagnostic Imaging Centers, Academic Institutions & Research Centers, Pharma & Biotech Companies, Contract Research Organizations (CROs)), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global Virtual Oncology Market was valued at USD 2,893.6 Million in 2022 and is anticipated to reach a value of USD 11,156.2 Million by 2030 expanding at a CAGR of 18.5% between 2023 and 2030.

The term "virtual oncology" describes the application of virtual and digital platforms and technology to the study and detection of cancer. This novel technique allows cancer patients to receive treatment planning, consultations with doctors, and supportive nursing from the convenience of their own residences by utilizing telemedicine, artificial intelligence, virtual reality, and remote monitoring, among other technologies. The goal of virtual oncology is to improve the general efficacy of cancer management by streamlining the execution of cancer treatment, making patients more comfortable, and removing geographical obstacles. The combination of augmented reality (AR) and virtual reality (VR) technology in cancer is known as the "Virtual Oncology Market." These technologies have completely changed the way oncologists and surgeons treat cancer by giving them access to improved simulation and imaging capabilities. Medical personnel may communicate with three-dimensional representations of malignancies and engage themselves in a virtual world using virtual reality and augmented reality, which helps with therapeutic decision-making, radiation therapy, and planning an operation. Virtual reality therapy is another product on the market that assists cancer patients by lowering anxiousness, tension, and discomfort during treatment.

Virtual Oncology Market Major Driving Forces

Technological Advancements: The swift developments in digital technologies and telemedicine have made virtual oncology increasingly practical and efficient. It covers the creation of cutting-edge telemedicine applications, remote monitoring tools, and video conferencing platforms. These tools give medical professionals the ability to monitor patients' development, interact with them in real-time, and give them individualized care.

Development of Artificial Intelligence and Machine Learning: The accuracy of remote diagnosis and treatment recommendations for cancer patients has been considerably improved by the development of artificial intelligence and machine learning algorithms. Therefore, one of the main factors driving the virtual oncology market has been technological improvements.

Growing Cancer Incidence: Millions of new cases of cancer are identified every year, contributing to an increasing worldwide burden of cancer. The need for oncology services and treatments is rising as a result of increasing cases of cancer. However, most areas—especially rural ones—have a scarcity of cancer doctors and medical centers. This void may be filled by virtual oncology, which allows patients to receive chemotherapy from a distance. Virtual oncology makes use of technological advances to offer patients prompt evaluations, professional views, and continual tracking, irrespective of their residence.

Growing Public-Private Investments for Innovative Cancer Treatments: Research and development of novel cancer therapeutics is receiving more funding. Such procedures are frequently intricate and call for specific attention. Patients can receive these treatments through virtual oncology regardless of needing to travel to a big cancer center.

Virtual Oncology Market Key Opportunities

Growing Investments from Major Players in the Market: As a result of developing medical facilities, growing cancer rates, and growing acceptance of health information technology, new economies across the globe, present profitable prospects for virtual oncology solutions. Major industry participants are investing more in AI-powered cancer research platforms.

Convergence of Hospital Diagnostic Instruments and EMR Systems: Virtual oncology service suppliers have several options to use APIs and interfaces to connect their software solutions to already existing hospital EMR systems and diagnostic imaging equipment. This would enable smooth operations by facilitating simple, standardized transmission of information between the internal IT infrastructure of a hospital and the virtual platform. Collaborations involving manufacturers of imaging equipment may potentially make imaging information accessible for enhancing AI algorithms. Hospitals and cancer centers tend to prefer integrated platforms.

Blockchain Technology Applications: Blockchain is being used in cancer to manage healthcare records, improve the safety of information, allow scientific information exchange preserve confidentiality, expedite clinical investigations, and streamline the medication supply chain. Blockchain technology may be used by virtual oncology companies to enhance platform privacy, integrity, and information portability. Blockchain-based cancer platforms are now being tested by a few businesses.

Virtual Oncology Market Key Trends

·         A significant development in cancer virtual platforms is the growing incorporation of patient portals for accessing data, with an emphasis on personalized treatment approaches.

·         The creation of smartphone applications for self-monitoring and chatbot virtual assistants is also being fueled by the consumerization of healthcare and the need for ease.

·         Virtual oncology software has been linked to digital patient interaction technologies, such as wearables for remote monitoring, to facilitate patient-centric treatment.

·         Virtual oncology providers are using actual information from EHRs and analytical tools for big data to find new perspective that could potentially enhance clinical judgments and patient outcomes. Actual-world clinical information may be longitudinally analyzed to find predictive biomarkers and tailored treatments.

·         The creation of cloud-based oncology informatics solutions for accessibility simplicity and flexibility is a significant trend in the virtual oncology industry. Cloud solutions provide the seamless exchange of patient data across oncologists, including lab results, radiological pictures, and medical histories.

Region-wise Market Insights

North America accounted for the largest market share at 40.1% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 19.7% between 2023 and 2030.

North America accounts for the largest market share in 2022. The rising incidence of cancer, the expanding use of AI and big data in oncology, and the expansion of payment coverage for virtual oncology are the main factors propelling the market's growth in North America. In North America, the United States is the biggest consumer market for virtual oncology. The rising incidence of cancer, the expanding usage of telehealth, and the increasing popularity of artificial intelligence in healthcare are the main factors propelling the growth of the virtual oncology market in the US. Another significant market for virtual oncology is Europe. The rising incidence of cancer, the expanding use of AI and big data in oncology, and the expanding payment coverage for virtual oncology are the main factors propelling the market's expansion in Europe.  The fastest growth in the virtual oncology market is anticipated to occur in Asia Pacific owing to the region's growing industrialization and urbanization. The rising incidence of cancer, the expanding usage of telemedicine, and the increasing popularity of artificial intelligence in healthcare are the main factors propelling market expansion in the Asia Pacific.

Market Competition Landscape

There is fierce competition amongst various producers in the global market for virtual oncology. Well-known companies in the virtual oncology sector use strategies to gain an edge over their competitors. While more recent rivals focus on disruptive technology and unique selling points (USPs), established firms rely on their track record for reliability and excellence to maintain market share. E-commerce and online buying have enhanced industry competitiveness by providing a platform for both new and established enterprises to access a wider customer base. Leading companies in the global virtual oncology market use a variety of inorganic and organic strategies to maintain and improve their position in the market. Prominent firms within the sector comprise:

·         Amwell

·         Teladoc Health

·         Zoom Video Communications

·         IBM Watson for Oncology

·         Google AI for Healthcare

·         Microsoft Azure for Healthcare

·         PatientKeeper

·         Onco.com

·         CancerCare.org

·         Medidata Solutions

·         Veeva Systems

·         PAREXEL

·         Elekta

·         Siemens Healthineers

·         Philips

·         OncoHealth

·         Paige.AI

·         PathAI

·         Cancer.Net

·         National Cancer Institute (NCI)

·         Leukemia & Lymphoma Society (LLS)

·         Freenome

·         Flatiron Health

·         Guardant Health